The next domino after FTX crypto

Crossville TN

Description

Switzerland’s No. 2 bank by assets said outflows were around 6% of its total $1.47 trillion assets, or around $88.3 billion, between Sept. 30 and Nov. 11. Customers in its wealth-management arm – its main business serving the world’s rich – removed $66.7 billion from the bank. Credit Suisse in late October said a social-media frenzy around its health was causing large outflows. The fast pace of withdrawals meant the bank’s liquidity fell below some local-level requirements, the bank said. It said it maintained its required group-level liquidity and funding ratios at all times. Banks must keep enough liquid assets on hand to meet expected cash outflows in a 30-day period, under post-financial-crisis-era rules. The reduction of customer assets means Credit Suisse has less money to manage and earns less in fees. A broader slowdown in activity in its wealth-management division and investment bank contributed to the warning of a pretax loss of around $1.6 billion for the quarter, it said. In all, more than $100 billion has left the bank since June, according to Credit Suisse’s filings. It said client balances have stabilized in its Swiss bank and that the outflows have slowed in wealth management, but haven’t reversed. Wealth management, the business of managing rich people’s money, is Credit Suisse’s largest and most important business. The bank’s overhaul is meant to reduce its reliance on risky Wall Street trades and double down on the steady fee-collecting business of working with the world’s ultra wealthy. *Bankman-Fried, along with friends at Alameda, moved as much as $25 million in bitcoin each day, according to New York Magazine. Just two years after he founded Alameda, "he moved to Hong Kong" and started FTX. (AGAIN, IN CHINA)!!! *Biden's "executive order" on crypto, is a desperate move to abolish the dollar and move to Crypto Currency/ Ponzi Scheme!